Trio Petroleum Pays Off Senior Secured Convertible Promissory Notes

Trio Petroleum Corp. (NYSEAMERICAN: TPET), based in Bakersfield, California, recently announced in an 8-K filing with the Securities and Exchange Commission, that it has successfully paid off senior secured convertible promissory notes totaling $1.6 million. The notes were fully repaid as of January 16, 2025, marking a significant milestone for the company.

These notes were initially part of two separate financings from institutional investors in April and June of 2024. The company disclosed in its filing that the repayment of these notes has now freed Trio Petroleum from this indebtedness, positioning it to pursue growth opportunities and expand its operations.

Robin Ross, the Chief Executive Officer of Trio Petroleum, emphasized the importance of eliminating this debt burden, stating that it provides the company with the flexibility to focus on developing existing assets, acquiring new projects, and ultimately creating value for stakeholders. Trio Petroleum’s strategic vision remains centered on enhancing operational efficiency while exploring avenues for sustainable growth.

About Trio Petroleum Corp, the oil and gas exploration, and development company, headquartered in Bakersfield, California, holds interests in various projects in Monterey County, California, and Uintah County, Utah. Trio is actively engaged in projects at the Presidents and Humpback oilfields, the McCool Ranch Field, and the Asphalt Ridge Project, among others.

It’s important to note that this press release contains forward-looking statements that are subject to various risks and uncertainties. Trio Petroleum underlines that actual results could differ materially from these forward-looking statements due to factors outside the company’s control. Interested parties can access Trio Petroleum’s recent financial reports on the Securities and Exchange Commission’s website for further insights.

For more information or inquiries related to Trio Petroleum, please contact Redwood Empire Financial Communications, Investor Relations Contact, Michael Bayes at (404) 809 4172 or email at [email protected].

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trio Petroleum’s 8K filing here.

About Trio Petroleum

Trio Petroleum Corp. operates as an oil and gas exploration and development company. The company's flagship project comprises the 85.75% owned working interest in the South Salinas project that consists of approximately 9,300-acre located in Monterey, California. It also owns 22% working interest in the McCool Ranch Oil Field located in Monterey County, California; 2% production interest in the Asphalt Ridge project comprises approximately 960 acres located in southwest of Vernal, Utah; and holds an option agreement to acquire 100% working interest in the Union Avenue Field located in Bakersfield, California.